By TOM RAUM, Associated Press
WASHINGTON (AP) — Guess what? China isn't the country's biggest creditor. America is.
That's despite what you may have heard.
The national debt soon is expected to exceed a staggering $17 trillion. And the bulk of that is held by the Federal Reserve, Social Security system, various pension plans for civil service workers and military personnel, U.S. banks, mutual funds, private pension plans, insurance companies and individual domestic investors.
China is responsible for just a shade over 7 percent of that total debt.
Yet despite China's relatively shrinking share of the U.S. debt, it continues to be the top poster child for financing America's deficit spending habit, a favorite target for politicians in both parties.
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